As for the argument regional TV died because 100s of extra channels compete for the revenue - 90% of those don't get the ratings any individual region would,
Collectively they do. Look at the ratings for a peak time programme now compared with 20 years ago. And it's not just competition from TV channels, the Internet is taking away audience and revenue.
]so I'd still say if there was a will that more regional content would be viable. The reason it's died on ITV is because profits go straight to shareholders rather than into programming.
That was always the case, there were always shareholders to pay.
Regional content wasn't that financially viable even in the days of 4 channels, it was part of a public service remit enforced by a regulator. Most of the ITV companies would have been quite happy to just show big populist shows if they could